Another twist in a story that is holding the world of social media and the Internet in suspense: on Sunday, Twitter stated that Elon Musk has decided not to join its board of directors.
Musk has had “many talks” with members of the Twitter board, but the businessman eventually turned down their offer to take a seat on the board, Twitter CEO Parag Agrawal said on the same social network. According to Agrawal, Musk informed Twitter of his decision on April 9, the same day he was supposed to formally join the board. “I believe this decision is for the best,” Agrawal said in an internal note shared on Sunday. “There will be distractions in sight, but our goals and priorities remain unchanged.”
The sharp turnaround ignites renewed speculation about Musk’s intentions on Twitter since he revealed he bought a just over 9% stake, becoming the social media giant’s largest individual shareholder. If he doesn’t join the board, Musk would not be subject to a deal to keep his stake no more than 14.9%.
Musk also posted on Twitter a response containing a single emoji after the Twitter CEO’s explanation, a smiling face with a hand over its mouth.
Musk’s ideas for Twitter
The billionaire behind Tesla Inc. and SpaceX had hinted at the changes he would consider for Twitter. Among the ideas, add an edit button for tweets, grant automatic verification marks to premium users and eliminate advertising, which however represents about 90% of the revenues the platform had in 2021. Musk had also proposed to transform the Twitter headquarters in San Francisco in a homeless shelter.